Vernon Hills Man Richard Booy Sentenced to 5 Years for Ponzi Scheme That Took Elderly Clients' Life Savings

Case from 2016–2019 (U.S. Attorney's Office latest release: March 18, 2019). Published on Scammers.com Oct. 16, 2026; case status is current as of that date.

Richard K. Booy of Vernon Hills, Illinois, founder of Principal Financial Strategies LLC and Safe Financial Strategies Inc., was sentenced on March 18, 2019, to five years in federal prison for swindling more than $1.4 million from at least 15 clients, many of them elderly, the U.S. Attorney's Office for the Northern District of Illinois announced [1].

How the scheme worked

According to prosecutors [1] [2]:

1. Borrowed credibility: Booy claimed to be affiliated with the well-known firm Principal Financial Group. He had no relationship with it and was not authorized to invest client money with it.
2. "No-risk" pitch: He promised no-risk investments and guaranteed returns, often making his pitch in clients' homes and places of worship, prosecutors said.
3. Where the money went: He spent client funds on personal expenses, including health insurance, a fitness club membership and purchases at Best Buy and DirecTV, and made Ponzi-type payments to earlier investors.
4. Kept going: He continued even after Principal Financial Group obtained a temporary restraining order that led to a court-authorized seizure of his computer and other evidence.

Most victims were elderly, and some gave him their entire life savings. The scheme ran from 2012 to 2016.

The person sentenced

Richard K. Booy, 50 at sentencing, of Vernon Hills, Ill. [1]

• Charge (December 2016): criminal complaint charging one count of mail fraud [2].
• Plea: pleaded guilty in 2018 to one count of mail fraud.
• Sentence (March 18, 2019): 60 months in prison, imposed by U.S. District Judge Gary Feinerman.
• Investigation: U.S. Postal Inspection Service, U.S. Department of Labor's Employee Benefits Security Administration, and the Illinois Securities Department.

Red flags

• An adviser who name-drops a big firm but takes checks payable to his own company.
• "No-risk" or "guaranteed" returns.
• Sales pitches made at church or at your kitchen table that discourage you from checking with family or a second adviser.

What to do if you're targeted

1. Call the big firm directly using a number from its official website to confirm whether the person works for it.
2. Check the adviser on FINRA BrokerCheck at brokercheck.finra.org and the SEC's adviserinfo.sec.gov.
3. Report elder investment fraud to the Illinois Securities Department, the FBI at ic3.gov, or the National Elder Fraud Hotline at 1-833-372-8311.

Case status (as of Oct. 16, 2026)

Defendant	Court	Status as of Oct. 16, 2026	Source
Richard K. Booy, Vernon Hills, Ill.	N.D. Ill. (Judge Feinerman)	Charged by complaint December 2016; pleaded guilty to mail fraud in 2018; sentenced March 18, 2019, to 60 months	[1], [2]

The sentence was imposed in 2019; we have not found a source on Booy's current custody status.

Sources

1. U.S. Attorney's Office, Northern District of Illinois, "North Suburban Man Sentenced to 5 Years in Federal Prison for Operating Ponzi Scheme That Swindled Elderly Investors," March 18, 2019. https://www.justice.gov/usao-ndil/pr/north-suburban-man-sentenced-5-years-federal-prison-operating-ponzi-scheme-swindled
2. U.S. Attorney's Office, Northern District of Illinois, "North Suburban Man Charged with Fraud in Connection with Ponzi-Type Scheme That Swindled Elderly Investors," Dec. 22, 2016. https://www.justice.gov/usao-ndil/pr/north-suburban-man-charged-fraud-connection-ponzi-type-scheme-swindled-elderly

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